SIFUNA DROPS BOMBSHELL: How New 400B EUROBOND LOAN Diverted From Treasury To Secret Account By Mbadi
The @OAG_Kenya Nancy Gathungu's audit of the @KeTreasury accounts — presented before Parliament — reveals a systematic diversion of #Eurobond proceeds away from their contractually agreed purpose.
🫆Of the Sh188.35B in total Eurobond proceeds realised:
🫆Sh78.32B was used for the buyback — as intended.
🫆Sh30B was diverted to plug shortfalls in domestic borrowing — specifically Treasury bond proceeds — pending disbursement of external financing.
🫆The remaining Sh110B balance was used to cover domestic debt proceeds on April 7, 2025, pending disbursement of external resources — a further deviation from the agreed external debt restructuring purpose.
🫆In total, the audit questions the regularity and effectiveness of the entire Sh110B balance from the Eurobond proceeds.
🫆Critical finding: The Auditor-General states: "The utilisation of the sovereign bond proceeds to cover the Treasury Bond shortfalls was a breach of the subscription agreement."#DeniBandia @OkiyaOmtatah
#eurobond #sifu#auditorgeneral #treasurykenya #mbadi #gachagua #ruto #kenya #trendingkenya #imf #worldbank #statehousekenya